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Cable Update (GBPUSD)

  • #305,161
  • Mar 28, 2012 10:01am Mar 28, 2012 10:01am
Quoting Fx.Fishermen
First Target Reched.
Moved Stop to +2
looking for second target.
Cheers..
2nd target hit 5850

Thank You.
  • #305,162
  • Mar 28, 2012 10:02am Mar 28, 2012 10:02am
Quoting bbmac
So, strong bearish follow thru off yesterday's inverted hammer candle on the Daily despite best eforts of the bulls...@/about the current daily lo the 76.4% of 5800-6000 with 38.2% of 5601-6000

below the current lo:

5829 85.4% 5800-6000
5823 76.4% 5769-6000
5819 23.6% 5234-60000
5817 50% 5634-60000
5810-5800- (5797) prev 4hr/1hr sw lo zone inc 5809 2 x fibs, and 5802-01 2 x fibs incl 50% 5601-60000
5789-81 prev 1hr sw lo zone incl 5783 = Weekly S1@/around
5780-69 prev minor Dly/4hr/1hr sw lo zone incl 5774 61.8% 5634-60000
5764-65 2 x...
i think price will stall at about current price, which is the 38 fibo.. hopefully by tomorrow asian session, price can retrace back up to the 23 fibo at about 5900 again so that we can reload back short..
Attached Image (click to enlarge)
Click to Enlarge Name: cable.gif Size: 36 KB
  • #305,163
  • Mar 28, 2012 10:04am Mar 28, 2012 10:04am
I always represent the 'main' and 'minor' potential support/resistance factors on charts but also note them down manually - ie I like to know what is a few hundred pips above and below the prevailing price level and what the confluences of those things are so that I can trade at the highest probability places in respect of imbalances of supply over demand or demand over supply should a set-up develop. This applies to with and contra trend moves, ie former support may becomes future resistance on a pullback and vice versa

It gives me something to do whilst I am awaiting a set-up / or in a trade - to let it play out.

G/L

Quoting UbuFamily
Hello bbmac, I always wondered about u....Did u wrote does data above manually or did u use special software for it?

u always wrote such a detailed reports (above), that is why I'm wondering,,,hehehehe
ex member
  • #305,164
  • Mar 28, 2012 10:15am Mar 28, 2012 10:15am
Quoting bbmac
I always represent the 'main' and 'minor' potential support/resistance factors on charts but also note them down manually - ie I like to know what is a few hundred pips above and below the prevailing price level and what the confluences of those things are so that I can trade at the highest probability places in respect of imbalances of supply over demand or demand over supply should a set-up develop. This applies to with and contra trend moves, ie former support may becomes future resistance on a pullback and vice versa

It gives me something...
wow so u do wrote it out manually,,,,,
I trade to live
  • #305,165
  • Mar 28, 2012 10:15am Mar 28, 2012 10:15am
Quoting A-speculator
i see that you are basing your decision based on your indi.. that's is why you long when 4h candle forming such a bearish candles... imho, as long as you are basing your decision based on indi rather than PA, you will find this business very unforgiving.. from my experience, there's no buy low and sell high, as long it's in downtrend, just keep on selling (and vice versa), never put value to the price..

Use indicator just as gauge to the price, don't make them as your decision making tools.. imho.

Hi there thanks for the advice
I always used what I am using now and always been on profit.

Only diff now is that I use as well some fundies for the entries and some levels of buy sell and SL provided by some banks.

till last year I had more than 1100 consecutive winning trades using what I use so no need to change anything so far.only thing that I changed now is the MM as I use heavier lots and cannot afford to stay trapped for long periods of time.

PA never used as I have no idea how to use it

I just look at the charts and if they tell me the same story I saw over and over again I just look for a good entry and I jump in no matter what.
as soon as I reach some profit I move SL to BE or close partially.

I'll post a chart with a good entry in the next 5 min to see what I am talking about.

for me it is nothing fancy as I see the charts with the naked eye and as long as I use a good RR well....forex involves a risk anyway
  • #305,166
  • Mar 28, 2012 10:26am Mar 28, 2012 10:26am
Quoting redbeben
Hi there thanks for the advice
I always used what I am using now and always been on profit.

Only diff now is that I use as well some fundies for the entries and some levels of buy sell and SL provided by some banks.

till last year I had more than 1100 consecutive winning trades using what I use so no need to change anything so far.only thing that I changed now is the MM as I use heavier lots and cannot afford to stay trapped for long periods of time.

PA never used as I have no idea how to use it

I just look at the charts and if they...
i see.. ok then, 1100 consecutive winning trade is very good. Honestly, i'm not that good, and i think Gann was not that good too..

Anyway, all the best.. green pips mate..
  • #305,167
  • Mar 28, 2012 10:31am Mar 28, 2012 10:31am
ok here it is what I was talking about

I will post 3 charts on USD CHF on 3 tfs (H4,H1 and M30)

first one the H4 which circles the short entry areas acc to R that are double checked.

second chart the H1 one shows the long entry I had yesterday aiming for the targets written on charts and fibo levels as well so triple confirmation of the TP's

third chart shows me the retrace of the up move that is about to form and how the indies will look while it develops.simple and clean

On M30 I target a short entry @ 0.9105 area as I have a flat KS and kumo attracting price +fibo 61.8% there + a kumo cloud right on top on H4 and a flat KS on D

as I said for me is easy to spot the setups as I used this for nearly 5 years but for a non experienced trader using other method the values are diff than mine...still have to figure out why.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD CHF H4.JPG Size: 187 KB
Click to Enlarge Name: USD CHF H1.JPG Size: 204 KB
Click to Enlarge Name: USD CHF M30.JPG Size: 200 KB
  • #305,168
  • Mar 28, 2012 10:35am Mar 28, 2012 10:35am
Quoting redbeben
ok here it is what I was talking about

I will post 3 charts on USD CHF on 3 tfs (H4,H1 and M30)

first one the H4 which circles the short entry areas acc to R that are double checked.

second chart the H1 one shows the long entry I had yesterday aiming for the targets written on charts and fibo levels as well so triple confirmation of the TP's

third chart shows me the retrace of the up move that is about to form and how the indies will look while it develops.simple and clean

On M30 I target a short entry @ 0.9105 area as I have a...

This is USDCHF....do u have GBPUSD?
I trade to live
  • #305,169
  • Mar 28, 2012 10:38am Mar 28, 2012 10:38am
Quoting UbuFamily
This is USDCHF....do u have GBPUSD?
one sec to plot them

I posted the USD CHF as they look same way as the charts on GU I posted yesterday and today.were just for training purposes

I'll draw GU now
  • #305,170
  • Mar 28, 2012 10:49am Mar 28, 2012 10:49am
Quoting nAVIN2007
well i still see potential but remember im in a long term trade so this movement to me means nothing..i personally think its a trap..1.60 was always going to bring in short orders

will usd break a major trendline..i doubt it!!!

the pin on dailly played out great but as far as im concerned it reached it limits

i still see 1.65
i think we will go futher down, my estimates is at about 5360 but first the breakout of 5600.. as you know, the range we are now is 5600-6000.. the only question is how long will the price be in this range?.. but i think, before we move to the upside, we will see the downside first..

I know that you're a position trader, but i'm afraid that the long-term trade would just turn into a losing trade.. hope you know what you're doing.. a trade becomes a worthwhile trade is when the ratio of pip achieved over time taken is high..

Green pips mate..
  • #305,171
  • Mar 28, 2012 10:54am Mar 28, 2012 10:54am
ok now
for GU
H4 shows as mentioned in previous posts strong S on top of H4 kumo(kumo is a sum of S and R areas.the thicker the kumo the stronger the S or R it is)
as well we can see in the circled areas the S levels clustered in the area 1.5820-5830

5846 level same as fibo 38.2%

so a god long would take place here in this area.

as for TP we look on M15 chart and see the circled areas as in flat KS and flat kumo attracting the price and the future move of the indies(or the logic of how it works)

so first stop normally is the TS (red line where price stalls and falls back) till it pushes through and heads to KS (blue line) which corresponds to the 38.2% fibo of the fall from 1.60 to 1.5843

but....I doubt price will stop right on that line as there is no decent R area ...the one I have is the circled spike on the black line which is some 5 pips higher.

then price will fall again and will keep on ranging till we have the TK/KS cross as 50% confirmation of the price heading up.

then we need a second 50% confirmation by punching and closing above flat kumo

so....this is the setup.this is how it works for me.sometimes it takes longer to develop sometimes it's fast depending on TFS.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU H4.JPG Size: 210 KB
Click to Enlarge Name: GU M15.jpg Size: 96 KB
  • #305,172
  • Mar 28, 2012 10:57am Mar 28, 2012 10:57am
just taken a short in EG at 8388 with less than 15 pips sl, i stay sideline on cable atm..

ok guys, see u all tomorrow..
  • #305,173
  • Mar 28, 2012 10:59am Mar 28, 2012 10:59am
Quoting josh1125
Your correct there, but I feel like yesterday's false break (which also closed as a bearish candle) of the previous HH shows that for a while today bears may be in control. It will be interesting to see how it plays out. As of right now, my entry was 1.5960, with my stop right above 1.6006. Everything is still intact, as I've got good money management, so I'm planning on letting the pair do whatever it's going to do, and just trade what I see in my setup.
Trade update....Still in trade stop at BE +10....plan on trailing down it down watching the 1.5800-1.5820 area.
  • #305,174
  • Mar 28, 2012 11:46am Mar 28, 2012 11:46am
am i the only one long at these levels?!

ehehehh
Attached Image
90% of traders use TA, indicators and prediction
  • #305,175
  • Mar 28, 2012 12:02pm Mar 28, 2012 12:02pm
Well I've been short since the Asian market, as I said this morning today was a day I would only look for shorts. At the moment it looks as if we're back in that range between 1.6000 and 1.5600. A break below 1.5810 will lead us to the bottom of this range. The one hour chart is trying to form an ascending trendline, but I don't think it will hold.
  • #305,176
  • Mar 28, 2012 12:04pm Mar 28, 2012 12:04pm
Quoting _BBKing_
am i the only one long at these levels?!

ehehehh

...nope

let's compare the charts on M15 now

old chart posted 1 h ago and the new one with the evolution of the price

well....It was ploted in the first one what was going to happen wasn't it ?


same story on USD CHF
EUR USD
and EUR GBP

on USD CHF already have 24 pips profit
EUR USD closed the short and now I wait to enter lower for long
EUR GBP on BE now..still as it needs more time to develop but we'll get there

on GU I have 11 pips + on it and waiting to cover some @ the mentioned levels in the charts

good luck all
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU M15.jpg Size: 96 KB
Click to Enlarge Name: GU M15 evolution.JPG Size: 193 KB
  • #305,177
  • Mar 28, 2012 12:22pm Mar 28, 2012 12:22pm
Quoting redbeben
...nope

let's compare the charts on M15 now

old chart posted 1 h ago and the new one with the evolution of the price

well....It was ploted in the first one what was going to happen wasn't it ?


same story on USD CHF
EUR USD
and EUR GBP

on USD CHF already have 24 pips profit
EUR USD closed the short and now I wait to enter lower for long
EUR GBP on BE now..still as it needs more time to develop but we'll get there

on GU I have 11 pips + on it and waiting to cover some @ the mentioned levels in the charts

good luck all
ok i was feeling a bit alone :-)
anyway i'm in small size until things will be bit clear.
and yes was mentioned also in the morning and since yesterday, once lost the 5900 5895, below good area to go long could have been here pip more pip less, at least to get again near 5900. or more, who knows, market is crazy this week and today IMO was nothing. worst things will happen tomorrow and friday! must not forget it's still possible to visit lower levels 5800 etc...

good job with your ichy!
missed those charts here in these months!!
90% of traders use TA, indicators and prediction
  • #305,178
  • Mar 28, 2012 12:34pm Mar 28, 2012 12:34pm
Quoting _BBKing_
ok i was feeling a bit alone :-)
anyway i'm in small size until things will be bit clear.
and yes was mentioned also in the morning and since yesterday, once lost the 5900 5895, below good area to go long could have been here pip more pip less, at least to get again near 5900. or more, who knows, market is crazy this week and today IMO was nothing. worst things will happen tomorrow and friday! must not forget it's still possible to visit lower levels 5800 etc...

good job with your ichy!
missed those charts here in these months!!
yur right one thing i know..pound is knocking on the door we could have very easily been towards 1.5 right now..
  • #305,179
  • Mar 28, 2012 12:38pm Mar 28, 2012 12:38pm
Quoting nAVIN2007
yur right one thing i know..pound is knocking on the door we could have very easily been towards 1.5 right now..
1.5?
90% of traders use TA, indicators and prediction
  • #305,180
  • Mar 28, 2012 12:40pm Mar 28, 2012 12:40pm
Quoting _BBKing_
ok i was feeling a bit alone :-)
anyway i'm in small size until things will be bit clear.
and yes was mentioned also in the morning and since yesterday, once lost the 5900 5895, below good area to go long could have been here pip more pip less, at least to get again near 5900. or more, who knows, market is crazy this week and today IMO was nothing. worst things will happen tomorrow and friday! must not forget it's still possible to visit lower levels 5800 etc...

good job with your ichy!
missed those charts here in these months!!
That was was bounce. Good call wish I would've loaded a long with you for the push up we're getting
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